First Funding Blog

O-Flex Lite

O-Flex Lite is a permitted fulfillment service level proprietary to FirstFunding wherein the Mortgage Originator (“MO”) is responsible for closing document preparation & HUD-1 preparation HUD-1 approval. Limited service provided by the FSP; closing document review (simultaneous to or after delivery of preliminary closing documents to SA) with correction requirements sent to MO as necessary, settlement statement compliance review (after HUD-1 has approval by MO) with any correction requirements sent to both MO & SA, funding request preparation & submission to warehouse lender, funding compliance certification, funding disbursement authorization, attorney review services (where required by state law or as requested), custodial services, post-closing closing document imaging & upload to warehouse lender & secondary market investor, post-closing delivery of original closed loan package to secondary market investor via traceable method, post-closing investor purchase condition monitoring/management, tracking of delivery of investor’s required trailing documents for 60 days following loan closing.